Determination of EURIBOR. If the Interest Rate Basis is EURIBOR, the interest rate payable with respect to this Note shall equal EURIBOR determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. EURIBOR for each Interest Reset Date shall be determined, as of the second TARGET Settlement Day (as defined below) prior to the Interest Reset Date (a “EURIBOR Interest Determination Date”). EURIBOR on any EURIBOR Interest Determination Date shall be the rate for deposits in euro as sponsored, calculated and published jointly by the European Banking Federation and ACI—The Financial Market Association, or any company established by the joint sponsors for purposes of compiling and publishing those rates, having the Index Maturity as specified on the face hereof, commencing on the applicable Interest Reset Date, that appears on Reuters on page EURIBOR01 (or any other page as may replace such page on such service) (“Reuters Page EURIBOR01”) as of 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date; or if no such rate so appears, EURIBOR on such EURIBOR Interest Determination Date shall be determined in accordance with the provisions described in the paragraphs below. With respect to a EURIBOR Interest Determination Date on which no rate appears on the Reuters Page EURIBOR01 as specified in the paragraph above, the Calculation Agent shall request the principal Euro-zone office of each of four major reference banks (which may include the Agents or their affiliates) in the Euro-zone interbank market, as selected by the Calculation Agent, to provide the Calculation Agent with its offered quotation for deposits in euro for the period of the Index Maturity specified on the face hereof, commencing on the applicable Interest Reset Date, to prime banks in the Euro-zone interbank market at approximately 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date and in a principal amount not less than the equivalent of US$1,000,000 in euros that is representative for a single transaction in euro in such market at such time. If at least two such quotations are so provided, then EURIBOR on such EURIBOR Interest Determination Date shall be the arithmetic mean of such quotations. If fewer than two such quotations are so provided, then EURIBOR on such EURIBOR Interest Determination Date shall be the arithmetic mean of the rates quoted at approximately 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date by four major banks (which may include Agents or their affiliates) in the Euro-zone selected by the Calculation Agent for loans in euro to leading European banks, having the Index Maturity specified on the face hereof, commencing on that Interest Reset Date and in a principal amount not less than the equivalent of US$1,000,000 in euros that is representative for a single transaction in euro in such market at such time. If the banks so selected by the Calculation Agent are not quoting as mentioned in the foregoing paragraph, EURIBOR determined as of such EURIBOR Interest Determination Date shall be EURIBOR in effect on such EURIBOR Interest Determination Date.
Appears in 2 contracts
Samples: Fiscal Agency Agreement (Quebec), Fiscal Agency Agreement (Quebec)
Determination of EURIBOR. If the Interest Rate Basis specified above is EURIBOR, the interest rate payable with respect to this Note shall equal will be EURIBOR determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. EURIBOR for each Interest Reset Date shall be determined, as of the second TARGET Settlement Day (as defined below) prior specified above. “EURIBOR” means, with respect to the Interest Reset Date (a “EURIBOR any Interest Determination Date”). EURIBOR on any EURIBOR Interest Determination Date shall be Rate, the rate for deposits in euro Euros as sponsored, calculated and published jointly by the European Banking Federation and ACI—-The Financial Market Association, or any company established by the joint sponsors for purposes of compiling and publishing those rates, having the Index Maturity as specified on the face hereofabove, commencing on the applicable Interest Reset Date, that appears on Reuters on page EURIBOR01 (or any other page as may replace such page on such service) (“Reuters Page EURIBOR01”) as of 11:00 A.M.a.m., Brussels time, on such EURIBOR Interest Determination Date; or if no such rate appears on Reuters Page EURIBOR01, or is not so appearspublished by 11:00 a.m., EURIBOR Brussels time, on such EURIBOR Interest Determination Date shall be determined in accordance with Date, the provisions described in the paragraphs below. With respect to a EURIBOR Interest Determination Date on which no rate appears on the Reuters Page EURIBOR01 as specified in the paragraph above, calculated by the Calculation Agent shall request as the arithmetic mean of at least two quotations obtained by the Calculation Agent after requesting the principal Euro-zone office of each (as defined below) offices of four major reference banks (which may include the Agents or their affiliates) in the Euro-zone interbank market, as selected by in the Calculation AgentEuropean interbank market, to provide the Calculation Agent with its offered quotation for deposits in euro Euros for the period of the Index Maturity specified on the face hereof, above commencing on the applicable Interest Reset Date, to prime banks in the Euro-zone interbank market at approximately 11:00 A.M.a.m., Brussels time, on such EURIBOR Interest Determination Date and in a principal amount not less than the equivalent of US$United States $1,000,000 in euros Euros that is representative for a single transaction in euro Euros in such market at such time. If at least ; or if fewer than two such quotations are so provided, then EURIBOR the rate on such EURIBOR Interest Determination Date shall will be calculated by the arithmetic mean of such quotations. If fewer than two such quotations are so provided, then EURIBOR on such EURIBOR Interest Determination Date shall Calculation Agent and will be the arithmetic mean of the rates quoted at approximately 11:00 A.M.a.m., Brussels time, on such EURIBOR Interest Determination Date by four major banks (which may include Agents or their affiliates) in the Euro-zone selected by the Calculation Agent for loans in euro Euro to leading European banks, having the Index Maturity specified on the face hereofabove, commencing on that the applicable Interest Reset Date and in a principal amount not less than the equivalent of US$United States $1,000,000 in euros Euros that is representative for a single transaction in euro Euros in such market at such time. If ; or if the banks so selected by the Calculation Agent are not quoting as mentioned in the foregoing paragraphabove, EURIBOR determined as of such EURIBOR Interest Determination Date shall be EURIBOR in effect on such EURIBOR the applicable Interest Determination Date.
Appears in 2 contracts
Samples: Global Security Note (Paccar Financial Corp), Global Security Note (Paccar Inc)
Determination of EURIBOR. If the Interest Rate Basis specified above is EURIBOR, the interest rate payable with respect to this Note shall equal will be EURIBOR determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. EURIBOR for each Interest Reset Date shall be determined, as of the second TARGET Settlement Day (as defined below) prior specified above. “EURIBOR” means, with respect to the Interest Reset Date (a “EURIBOR any Interest Determination Date”). EURIBOR on any EURIBOR Interest Determination Date shall be Rate, the rate for deposits in euro euros as sponsored, calculated and published jointly by the European Banking Federation and ACI—The Financial Market Association, or any company established by the joint sponsors for purposes of compiling and publishing those rates, having the Index Maturity as specified on the face hereofabove, commencing on the applicable Interest Reset Date, that appears on Reuters on page Page EURIBOR01 (or any other page as may replace such page on such service) (“Reuters Page EURIBOR01”) as of 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date; or if no such rate appears on Reuters Page EURIBOR01, or is not so appearspublished by 11:00 A.M., EURIBOR Brussels time, on such EURIBOR Interest Determination Date shall be determined in accordance with Date, the provisions described in the paragraphs below. With respect to a EURIBOR Interest Determination Date on which no rate appears on the Reuters Page EURIBOR01 as specified in the paragraph above, calculated by the Calculation Agent shall request as the arithmetic mean of at least two quotations obtained by the Calculation Agent after requesting the principal Euro-zone office of each (as defined below) offices of four major reference banks (which may include the Agents or their affiliates) in the Euro-zone interbank market, as selected by the Calculation Agent, market to provide the Calculation Agent with its offered quotation for deposits in euro euros for the period of the Index Maturity specified on the face hereof, above commencing on the applicable Interest Reset Date, to prime banks in the Euro-zone interbank market at approximately 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date and in a principal amount not less than the equivalent of US$1,000,000 U.S $1 million in euros that is representative for a single transaction in euro euros in such market at such time. If at least ; or if fewer than two such quotations are so provided, then EURIBOR the rate on such EURIBOR Interest Determination Date shall will be calculated by the arithmetic mean of such quotations. If fewer than two such quotations are so provided, then EURIBOR on such EURIBOR Interest Determination Date shall Calculation Agent and will be the arithmetic mean of the rates quoted at approximately 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date by four major banks (which may include Agents or their affiliates) in the Euro-zone selected by the Calculation Agent for loans in euro euros to leading European banks, having the Index Maturity specified on the face hereofabove, commencing on that the applicable Interest Reset Date and in a principal amount not less than the equivalent of US$1,000,000 U.S. $1 million in euros that is representative for a single transaction in euro euros in such market at such time. If ; or if the banks so selected by the Calculation Agent Company are not quoting as mentioned in the foregoing paragraphabove, EURIBOR determined as of such EURIBOR Interest Determination Date shall be EURIBOR in effect on such EURIBOR the applicable Interest Determination Date.
Appears in 1 contract
Determination of EURIBOR. If the Interest Rate Basis is EURIBOR, the interest rate payable with respect to this Global Note shall equal EURIBOR determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. EURIBOR for each Interest Reset Date shall be determinedequal the offered rate, as of the second TARGET Settlement Day (as defined below) prior to the Interest Reset Date (a “"EURIBOR Interest Determination Date”"). EURIBOR , for deposits in euros for the period of the Index Maturity and commencing on any the second TARGET Settlement Day immediately following such EURIBOR Interest Determination Date shall be the rate for deposits in euro as sponsored, calculated and published jointly by the European Banking Federation and ACI—The Financial Market Association, or any company established by the joint sponsors for purposes of compiling and publishing those rates, having the Index Maturity as specified on the face hereof, commencing on the applicable Interest Reset Date, as that rate appears on Reuters on Telerate page EURIBOR01 (or any other page as may replace such page on such service) (“Reuters Page EURIBOR01”) 248 as of 11:00 A.M.a.m., Brussels time, on such EURIBOR Interest Determination Date; or if no such rate so appears, EURIBOR on such EURIBOR Interest Determination Date shall be determined in accordance with the provisions described in the paragraphs below. With respect to a EURIBOR Interest Determination Date on for which no rate appears on the Reuters Page EURIBOR01 as specified in the paragraph aboveTelerate page 248, the Calculation Agent shall request will select the principal Euro-zone Zone (as defined below) office of each of four major reference banks in that market (which may include affiliates of the Agents or their affiliatesAgents) in the Euro-zone interbank market, as selected by the Calculation Agent, and request them to provide the Calculation Agent with its their offered quotation for euro deposits in euro for the period of the such Index Maturity specified on the face hereofMaturity, commencing on the applicable second TARGET Settlement Day immediately following such EURIBOR Interest Reset Determination Date, to prime banks in the Euro-zone interbank Zone inter-bank market at approximately 11:00 A.M.a.m., Brussels time, on such EURIBOR Interest Determination Date and in a principal amount not less than the equivalent of US$1,000,000 in euros that is representative for a single transaction in euro euros in such market at such time. If at least two such quotations are so provided, then EURIBOR on such EURIBOR Interest Determination Date shall be calculated by the Calculation Agent and shall be the arithmetic mean of such quotations. If fewer than two such quotations are so provided, then EURIBOR on such EURIBOR Interest Determination Date shall be calculated by the Calculation Agent and shall be the arithmetic mean of the rates quoted at approximately 11:00 A.M.a.m., Brussels time, on such EURIBOR Interest Determination Date by four three major banks (which may include Agents or their affiliates) in the Euro-zone Zone inter-bank market selected by the Calculation Agent (which may include affiliates of the Agents) for loans in euro euros to leading European banks, having for the period of such Index Maturity specified on the face hereof, commencing on that Interest Reset Date and in a principal amount not less than the equivalent of US$1,000,000 in euros that is representative for a single transaction in euro euros in such market at such time. If the banks so selected by the Calculation Agent are not quoting as mentioned in the foregoing paragraphquoting, EURIBOR determined as of such EURIBOR Interest Determination Date shall be EURIBOR in effect on such EURIBOR Interest Determination Date.
Appears in 1 contract
Determination of EURIBOR. If the Interest Rate Basis is EURIBOR, the interest rate payable with respect to this Note shall equal EURIBOR determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. EURIBOR for each Interest Reset Date shall will be determined, determined as of the second TARGET Settlement Day (as defined below) prior to the Interest Reset Date (a “EURIBOR Interest Determination Date”). EURIBOR on any each EURIBOR Interest Determination Date shall will be the rate for deposits in euro as sponsored, calculated and published jointly by the European Banking Federation and ACI—The Financial Market Association, or any company established by the joint sponsors for purposes of compiling and publishing those rates, having the Index Maturity as specified on the face hereof, commencing on the applicable Interest Reset Date, that appears on Reuters on page EURIBOR01 EURIBOR#01 (or any other page as may replace such page on such service) (“Reuters Page EURIBOR01EURIBOR#01”) as of 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date; or if no such rate so appears, EURIBOR on such EURIBOR Interest Determination Date shall will be determined in accordance with the provisions described in the paragraphs below. With respect to a EURIBOR Interest Determination Date on which no rate appears on the Reuters Page EURIBOR01 EURIBOR#01 as specified in the paragraph above, the Calculation Agent shall will request the principal Euro-zone office of each of four major reference banks (which may include the Agents or their affiliates) in the Euro-zone interbank market, as selected by the Calculation Agent, to provide the Calculation Agent with its offered quotation for deposits in euro for the period of the Index Maturity specified on the face hereof, commencing on the applicable Interest Reset Date, to prime banks in the Euro-zone interbank market at approximately 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date and in a principal amount not less than the equivalent of US$1,000,000 in euros that is representative for a single transaction in euro in such market at such time. If at least two such quotations are so provided, then EURIBOR on such EURIBOR Interest Determination Date shall will be the arithmetic mean of such quotations. If fewer than two such quotations are so provided, then EURIBOR on such EURIBOR Interest Determination Date shall will be the arithmetic mean of the rates quoted at approximately 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date by four major banks (which may include Agents or their affiliates) in the Euro-zone selected by the Calculation Agent for loans in euro to leading European banks, having the Index Maturity specified on the face hereof, commencing on that Interest Reset Date and in a principal amount not less than the equivalent of US$1,000,000 in euros that is representative for a single transaction in euro in such market at such time. If the banks so selected by the Calculation Agent are not quoting as mentioned in the foregoing paragraph, EURIBOR determined as of such EURIBOR Interest Determination Date shall will be EURIBOR in effect on such EURIBOR Interest Determination Date.
Appears in 1 contract
Samples: Fiscal Agency Agreement (Quebec)
Determination of EURIBOR. If the Interest Rate Basis is EURIBOR, the interest rate payable with respect to this Note shall equal EURIBOR determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. EURIBOR for each Interest Reset Date shall be determined, as of the second TARGET Settlement Day (as defined below) prior to the Interest Reset Date (a “EURIBOR Interest Determination Date”). EURIBOR on any EURIBOR Interest Determination Date shall be the rate for deposits in euro as sponsored, calculated and published jointly by the European Banking Federation and ACI—The Financial Market Association, or any company established by the joint sponsors for purposes of compiling and publishing those rates, having the Index Maturity as specified on the face hereof, commencing on the applicable Interest Reset Date, that appears on Reuters on page EURIBOR01 (or any other page as may replace such page on such service) (“Reuters Page EURIBOR01”) as of 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date; or if no such rate so appears, EURIBOR on such EURIBOR Interest Determination Date shall be determined in accordance with the provisions described in the paragraphs below. With respect to a EURIBOR Interest Determination Date on which no rate appears on the Reuters Page EURIBOR01 as specified in the paragraph above, the Calculation Agent shall request the principal Euro-zone office of each of four major reference banks (which may include the Agents or their affiliates) in the Euro-zone interbank market, as selected by the Calculation Agent, to provide the Calculation Agent with its offered quotation for deposits in euro for the period of the Index Maturity specified on the face hereof, commencing on the applicable Interest Reset Date, to prime banks in the Euro-zone interbank market at approximately 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date and in a principal amount not less than the equivalent of US$1,000,000 in euros that is representative for a single transaction in euro in such market at such time. If at least two such quotations are so provided, then EURIBOR on such EURIBOR Interest Determination Date shall be the arithmetic mean of such quotations. If fewer than two such quotations are so provided, then EURIBOR on such EURIBOR Interest Determination Date shall be the arithmetic mean of the rates quoted at approximately 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date by four major banks (which may include Agents or their affiliates) in the Euro-zone selected by the Calculation Agent for loans in euro to leading European banks, having the Index Maturity specified on the face hereof, commencing on that Interest Reset Date and in a principal amount not less than the equivalent of US$1,000,000 in euros that is representative for a single transaction in euro in such market at such time. If the banks so selected by the Calculation Agent are not quoting as mentioned in the foregoing paragraphabove, EURIBOR determined as of such EURIBOR Interest Determination Date shall be EURIBOR in effect on such EURIBOR Interest Determination Date.
Appears in 1 contract
Samples: Fiscal Agency Agreement (Quebec)
Determination of EURIBOR. If the Interest Rate Basis specified above is EURIBOR, the interest rate payable with respect to this Note shall equal will be EURIBOR determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. EURIBOR for each Interest Reset Date shall be determined, as of the second TARGET Settlement Day (as defined below) prior specified above. “EURIBOR” means, with respect to the Interest Reset Date (a “EURIBOR any Interest Determination Date”). EURIBOR on any EURIBOR Interest Determination Date shall be Rate, the rate for deposits in euro Euros as sponsored, calculated and published jointly by the European Banking Federation and ACI—-The Financial Market Association, or any company established by the joint sponsors for purposes of compiling and publishing those rates, having the Index Maturity as specified on the face hereofabove, commencing on the applicable Interest Reset Date, that appears on Reuters on page EURIBOR01 (or any other page as may replace such that specified page on such service) that service (“Reuters Page EURIBOR01”) as of 11:00 A.M.a.m., Brussels time, on such EURIBOR Interest Determination Date; or if no such rate appears on Reuters Page EURIBOR01, or is not so appearspublished by 11:00 a.m., EURIBOR Brussels time, on such EURIBOR Interest Determination Date shall be determined in accordance with Date, the provisions described in the paragraphs below. With respect to a EURIBOR Interest Determination Date on which no rate appears on the Reuters Page EURIBOR01 as specified in the paragraph above, calculated by the Calculation Agent shall request as the arithmetic mean of at least two quotations obtained by the Calculation Agent after requesting the principal Euro-zone office of each (as defined below) offices of four major reference banks (which may include the Agents or their affiliates) in the Euro-zone interbank market, as selected by the Calculation Agent, to provide the Calculation Agent with its offered quotation for deposits in euro Euros for the period of the Index Maturity specified on the face hereof, above commencing on the applicable Interest Reset Date, to prime banks in the Euro-zone interbank market at approximately 11:00 A.M.a.m., Brussels time, on such EURIBOR Interest Determination Date and in a principal amount not less than the equivalent of US$United States $1,000,000 in euros Euros that is representative for a single transaction in euro Euros in such market at such time. If at least ; or if fewer than two such quotations are so provided, then EURIBOR the rate on such EURIBOR Interest Determination Date shall will be calculated by the arithmetic mean of such quotations. If fewer than two such quotations are so provided, then EURIBOR on such EURIBOR Interest Determination Date shall Calculation Agent and will be the arithmetic mean of the rates quoted at approximately 11:00 A.M.a.m., Brussels time, on such EURIBOR Interest Determination Date by four major banks (which may include Agents or their affiliates) in the Euro-zone selected by the Calculation Agent for loans in euro Euro to leading European banks, having the Index Maturity specified on the face hereofabove, commencing on that the applicable Interest Reset Date and in a principal amount not less than the equivalent of US$United States $1,000,000 in euros Euros that is representative for a single transaction in euro Euros in such market at such time. If ; or if the banks so selected by the Calculation Agent are not quoting as mentioned in the foregoing paragraphabove, EURIBOR determined as of such EURIBOR Interest Determination Date shall be EURIBOR in effect on such EURIBOR the applicable Interest Determination Date.
Appears in 1 contract
Determination of EURIBOR. If the Interest Rate Basis is EURIBOREURIBOR means, the interest rate payable with respect to this Note shall equal EURIBOR determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. EURIBOR for each Interest Reset Date shall be determined, as of the second TARGET Settlement Day (as defined below) prior to the Interest Reset Date (a “EURIBOR any Interest Determination Date”). EURIBOR on any EURIBOR Interest Determination Date shall be , the rate for deposits in euro as sponsored, calculated calculated, and published jointly by the European Banking Federation and ACI—The Financial Market Association, or any company established by the joint sponsors for purposes of compiling and publishing those rates, having the Index Maturity specified in the Pricing Supplement, as specified that rate appears on the face hereofdisplay on Reuters, commencing on the applicable Interest Reset Dateor any successor service, that appears on Reuters on page EURIBOR01 (or any other page as may replace such page on such service) (“Reuters Page EURIBOR01”) ), as of 11:00 A.M., Brussels time, . The following procedures will be followed if EURIBOR cannot be determined as described above: • If no offered rate appears on such EURIBOR Interest Determination Date; or if no such rate so appears, EURIBOR Reuters Page EURIBOR01 on such EURIBOR an Interest Determination Date shall be determined in accordance with the provisions described in the paragraphs below. With respect to a EURIBOR Interest Determination Date on which no rate appears on the Reuters Page EURIBOR01 as specified in the paragraph aboveat approximately 11:00 A.M., Brussels time, then the Calculation Agent shall request the principal Euro-zone office of each of Agent, after consultation with us, will select four major reference banks (which may include the Agents or their affiliates) in the Euro-zone interbank market, as selected by the Calculation Agent, market to provide a quotation of the Calculation Agent with its offered quotation for rate at which deposits in euro for the period of having the Index Maturity specified on in the face hereof, commencing on the applicable Interest Reset Date, Pricing Supplement are offered to prime banks in the Euro-zone interbank market at approximately 11:00 A.M.market, Brussels time, on such EURIBOR Interest Determination Date and in a principal amount not less than the equivalent of US$1,000,000 in euros €1,000,000, that is representative for of a single transaction in euro in such that market at such that time. If at least two such quotations are so provided, then EURIBOR on such EURIBOR Interest Determination Date shall will be the arithmetic mean average of such those quotations. • If fewer than two such quotations are so provided, then EURIBOR on such EURIBOR Interest Determination Date shall be the arithmetic mean Calculation Agent, after consultation with us, will select four major banks in the Euro-zone interbank market to provide a quotation of the rates quoted rate offered by them, at approximately 11:00 A.M., Brussels time, on such EURIBOR the Interest Determination Date by four major Date, for loans in euro to prime banks (which may include Agents or their affiliates) in the Euro-zone selected by the Calculation Agent interbank market for loans in euro a period of time equivalent to leading European banks, having the Index Maturity specified on in the face hereof, Pricing Supplement commencing on that Interest Reset Date and in a principal amount not less than the equivalent of US$1,000,000 in euros €1,000,000, that is representative for of a single transaction in euro in such that market at such that time. If at least three quotations are provided, EURIBOR will be the banks so selected by the Calculation Agent arithmetic average of those quotations. • If three quotations are not quoting as mentioned in the foregoing paragraphprovided, EURIBOR determined as of such EURIBOR for that Interest Determination Date shall will be equal to EURIBOR in effect on such EURIBOR Interest Determination Datefor the immediately preceding interest period.
Appears in 1 contract
Samples: Global Agency Agreement (Bank of America Corp /De/)
Determination of EURIBOR. If the Interest Rate Basis is EURIBOR, the interest rate payable with respect to this Note shall equal EURIBOR determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. EURIBOR for each Interest Reset Date shall be determined, as of the second TARGET Settlement Day (as defined below) prior to the Interest Reset Date (a “EURIBOR Interest Determination Date”). EURIBOR on any EURIBOR Interest Determination Date shall be the rate for deposits in euro as sponsored, calculated and published jointly by the European Banking Federation and ACI—The Financial Market Association, or any company established by the joint sponsors for purposes of compiling and publishing those rates, having the Index Maturity as specified on the face hereof, commencing on the applicable Interest Reset Date, that appears on Reuters on page EURIBOR01 EURIBOR#01 (or any other page as may replace such page on such service) (“‘‘Reuters Page EURIBOR01”EURIBOR#01’’) as of 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date; or if no such rate so appears, EURIBOR on such EURIBOR Interest Determination Date shall be determined in accordance with the provisions described in the paragraphs below. With respect to a EURIBOR Interest Determination Date on which no rate appears on the Reuters Page EURIBOR01 EURIBOR#01 as specified in the paragraph above, the Calculation Agent shall request the principal Euro-zone office of each of four major reference banks (which may include the Agents or their affiliates) in the Euro-zone interbank market, as selected by the Calculation Agent, to provide the Calculation Agent with its offered quotation for deposits in euro for the period of the Index Maturity specified on the face hereof, commencing on the applicable Interest Reset Date, to prime banks in the Euro-zone interbank market at approximately 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date and in a principal amount not less than the equivalent of US$1,000,000 in euros that is representative for a single transaction in euro in such market at such time. If at least two such quotations are so provided, then EURIBOR on such EURIBOR Interest Determination Date shall be the arithmetic mean of such quotations. If fewer than two such quotations are so provided, then EURIBOR on such EURIBOR Interest Determination Date shall be the arithmetic mean of the rates quoted at approximately 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date by four major banks (which may include Agents or their affiliates) in the Euro-zone selected by the Calculation Agent for loans in euro to leading European banks, having the Index Maturity specified on the face hereof, commencing on that Interest Reset Date and in a principal amount not less than the equivalent of US$1,000,000 in euros that is representative for a single transaction in euro in such market at such time. If the banks so selected by the Calculation Agent are not quoting as mentioned in the foregoing paragraph, EURIBOR determined as of such EURIBOR Interest Determination Date shall be EURIBOR in effect on such EURIBOR Interest Determination Date.
Appears in 1 contract
Samples: Fiscal Agency Agreement (Quebec)
Determination of EURIBOR. If the Interest Rate Basis is EURIBOREURIBOR means, the interest rate payable with respect to this Note shall equal EURIBOR determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. EURIBOR for each Interest Reset Date shall be determined, as of the second TARGET Settlement Day (as defined below) prior to the Interest Reset Date (a “EURIBOR any Interest Determination Date”). EURIBOR on any EURIBOR Interest Determination Date shall be , the rate for deposits in euro as sponsored, calculated calculated, and published jointly by the European Banking Federation and ACI—The Financial Market Association, or any company established by the joint sponsors for purposes of compiling and publishing those rates, having the Index Maturity specified in the Pricing Supplement, as specified that rate appears on the face hereofdisplay on Reuters, commencing on the applicable Interest Reset Dateor any successor service, that appears on Reuters on page EURIBOR01 (or any other page as may replace such page on such service) (“Reuters Page EURIBOR01”) ), as of 11:00 A.M., Brussels time, . The following procedures will be followed if EURIBOR cannot be determined as described above: • If no offered rate appears on such EURIBOR Interest Determination Date; or if no such rate so appears, EURIBOR Reuters Page EURIBOR01 on such EURIBOR an Interest Determination Date shall be determined in accordance with the provisions described in the paragraphs below. With respect to a EURIBOR Interest Determination Date on which no rate appears on the Reuters Page EURIBOR01 as specified in the paragraph above, the Calculation Agent shall request the principal Euro-zone office of each of four major reference banks (which may include the Agents or their affiliates) in the Euro-zone interbank market, as selected by the Calculation Agent, to provide the Calculation Agent with its offered quotation for deposits in euro for the period of the Index Maturity specified on the face hereof, commencing on the applicable Interest Reset Date, to prime banks in the Euro-zone interbank market at approximately 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date then the Calculation Agent, after consultation with the Issuer, will select four major banks in the Eurozone interbank market to provide a quotation of the rate at which deposits in euro having the Index Maturity specified in the Pricing Supplement are offered to prime banks in the Eurozone interbank market, and in a principal amount not less than the equivalent of US$1,000,000 in euros €1,000,000, that is representative for of a single transaction in euro in such that market at such that time. If at least two such quotations are so provided, then EURIBOR on such EURIBOR Interest Determination Date shall will be the arithmetic mean average of such those quotations. • If fewer than two such quotations are so provided, then EURIBOR on such EURIBOR Interest Determination Date shall be the arithmetic mean Calculation Agent, after consultation with the Issuer, will select four major banks in the Eurozone interbank market to provide a quotation of the rates quoted rate offered by them, at approximately 11:00 A.M., Brussels time, on such EURIBOR the Interest Determination Date by four major banks (which may include Agents or their affiliates) in the Euro-zone selected by the Calculation Agent Date, for loans in euro to leading European banks, having prime banks in the Eurozone interbank market for a period of time equivalent to the Index Maturity specified on in the face hereof, Pricing Supplement commencing on that Interest Reset Date and in a principal amount not less than the equivalent of US$1,000,000 in euros €1,000,000, that is representative for of a single transaction in euro in such that market at such that time. If at least three quotations are provided, EURIBOR will be the banks so selected by the Calculation Agent arithmetic average of those quotations. • If three quotations are not quoting as mentioned in the foregoing paragraphprovided, EURIBOR determined as of such EURIBOR for that Interest Determination Date shall will be equal to EURIBOR in effect on such EURIBOR Interest Determination Datefor the immediately preceding interest period.
Appears in 1 contract
Samples: Supplement to Global Agency Agreement (Bank of America Corp /De/)
Determination of EURIBOR. If the Interest Base Rate Basis is EURIBOR, the interest rate payable with respect to this Note shall equal EURIBOR determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. EURIBOR for each Base Rate that takes effect on any Interest Reset Date shall be determined, as of equal the second TARGET Settlement Day (as defined below) prior to the Interest Reset Date (a “EURIBOR Interest Determination Date”). EURIBOR on any EURIBOR Interest Determination Date shall be the interest rate for (Reverse of Security continued on next page) deposits in euro euros designated as sponsored, calculated "EURIBOR" and published sponsored jointly by the European Banking Federation and ACI—The ACI - the Financial Market Association, Association (or any company established by the joint sponsors for purposes of compiling and publishing those ratesthat rate) on the second Euro Business Day (as defined in Section 3(n) below) before such Interest Reset Date (a "EURIBOR Interest Determination Date"), and will be determined in accordance with the following provisions:
(i) EURIBOR will be the offered rate for deposits in euros having the Index Maturity as specified beginning on the face hereof, commencing on the applicable such Interest Reset Date, as that rate appears on Reuters on page EURIBOR01 Moneyline Telerate Page 248 (or any other page as may replace such page on such servicedefined in Section 3(n) (“Reuters Page EURIBOR01”below) as of 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date; or if no such .
(ii) If the rate so appearsdescribed in clause (i) above does not appear on Moneyline Telerate Page 248, EURIBOR on such EURIBOR Interest Determination Date shall will be determined in accordance with the provisions described in the paragraphs below. With respect to a EURIBOR Interest Determination Date on which no rate appears on the Reuters Page EURIBOR01 as specified in the paragraph above, the Calculation Agent shall request the principal Euro-zone office of each of four major reference banks (which may include the Agents or their affiliates) in the Euro-zone interbank market, as selected by the Calculation Agent, to provide the Calculation Agent with its offered quotation for deposits in euro for the period basis of the Index Maturity specified on the face hereofrates, commencing on the applicable Interest Reset Date, to prime banks in the Euro-zone interbank market at approximately 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date, at which deposits of the following kind are offered to prime banks in the Euro-Zone (as defined in Section 3(n) below) interbank market by the principal Euro-Zone office of each of four major banks in that market selected by the Calculation Agent: euro deposits having the Index Maturity beginning on such Interest Reset Date and in a Representative Amount. The Calculation Agent will request the principal amount not less than the equivalent Euro-Zone office of US$1,000,000 in euros that is representative for each of these banks to provide a single transaction in euro in such market at such timequotation of its rate. If at least two such quotations are so provided, then EURIBOR on for such EURIBOR Interest Determination Date shall will be the arithmetic mean of such quotations. .
(iii) If fewer than two such quotations are so providedprovided as described in clause (ii) above, then EURIBOR on for such EURIBOR Interest Determination Date shall will be the arithmetic mean of the rates quoted for loans of the following kind to leading Euro-Zone banks quoted, at approximately 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date Date, by four three major banks (which may include Agents or their affiliates) in the Euro-zone Zone selected by the Calculation Agent for Agent: loans in euro to leading European banks, of euros having the Index Maturity specified beginning on the face hereof, commencing on that such Interest Reset Date and in a principal amount not less Representative Amount.
(iv) If fewer than the equivalent of US$1,000,000 in euros that is representative for a single transaction in euro in such market at such time. If the three banks so selected by the Calculation Agent are not quoting as mentioned described in the foregoing paragraphclause (iii) above, EURIBOR determined as of such EURIBOR Interest Determination Date shall be the EURIBOR in effect on such EURIBOR Interest Determination Date (or, in the case of the first Interest Reset Date, the Initial Base Rate). The Base Rate determined in accordance with this Section 3(e) will be adjusted by the addition or subtraction of the Spread, if any, or by multiplying such Base Rate by the Spread Multiplier, if any.
Appears in 1 contract
Determination of EURIBOR. If the Interest Base Rate Basis is EURIBOR, the interest rate payable with respect to this Note shall equal EURIBOR determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. EURIBOR for each ------------------------ Base Rate that takes effect on any Interest Reset Date shall be determined, as of equal the second TARGET Settlement Day (as defined below) prior to the Interest Reset Date (a “EURIBOR Interest Determination Date”). EURIBOR on any EURIBOR Interest Determination Date shall be the interest rate for (Reverse of Security continued on next page) deposits in euro euros designated as sponsored, calculated "EURIBOR" and published sponsored jointly by the European ------- Banking Federation and ACI—The ACI the Financial Market Association, Association (or any company established by the joint sponsors for purposes of compiling and publishing those ratesthat rate) on the second Euro Business Day (as defined in Section 3(n) below) before such Interest Reset Date (a "EURIBOR Interest Determination Date"), and will be ----------------------------------- determined in accordance with the following provisions:
(i) EURIBOR will be the offered rate for deposits in euros having the Index Maturity as specified beginning on the face hereof, commencing on the applicable such Interest Reset Date, as that rate appears on Reuters on page EURIBOR01 Telerate Page 248 (or any other page as may replace such page on such servicedefined in Section 3(n) (“Reuters Page EURIBOR01”below) as of 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date; or if no such .
(ii) If the rate so appearsdescribed in clause (i) above does not appear on Telerate Page 248, EURIBOR on such EURIBOR Interest Determination Date shall will be determined in accordance with the provisions described in the paragraphs below. With respect to a EURIBOR Interest Determination Date on which no rate appears on the Reuters Page EURIBOR01 as specified in the paragraph above, the Calculation Agent shall request the principal Euro-zone office of each of four major reference banks (which may include the Agents or their affiliates) in the Euro-zone interbank market, as selected by the Calculation Agent, to provide the Calculation Agent with its offered quotation for deposits in euro for the period basis of the Index Maturity specified on the face hereofrates, commencing on the applicable Interest Reset Date, to prime banks in the Euro-zone interbank market at approximately 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date, at which deposits of the following kind are offered to prime banks in the Euro-Zone (as defined in Section 3(n) below) interbank market by the principal Euro-Zone office of each of four major banks in that market selected by the Calculation Agent: euro deposits having the Index Maturity beginning on such Interest Reset Date and in a Representative Amount. The Calculation Agent will request the principal amount not less than the equivalent Euro-Zone office of US$1,000,000 in euros that is representative for each of these banks to provide a single transaction in euro in such market at such timequotation of its rate. If at least two such quotations are so provided, then EURIBOR on for such EURIBOR Interest Determination Date shall will be the arithmetic mean of such quotations. .
(iii) If fewer than two such quotations are so providedprovided as described in clause (ii) above, then EURIBOR on for such EURIBOR Interest Determination Date shall will be the arithmetic mean of the rates quoted for loans of the following kind to leading Euro-Zone banks quoted, at approximately 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date Date, by four three major banks (which may include Agents or their affiliates) in the Euro-zone Zone selected by the Calculation Agent for Agent: loans in euro to leading European banks, of euros having the Index Maturity specified beginning on the face hereof, commencing on that such Interest Reset Date and in a principal amount not less Representative Amount.
(iv) If fewer than the equivalent of US$1,000,000 in euros that is representative for a single transaction in euro in such market at such time. If the three banks so selected by the Calculation Agent are not quoting as mentioned described in the foregoing paragraphclause (iii) above, EURIBOR determined as of such EURIBOR Interest Determination Date shall be the EURIBOR in effect on such EURIBOR Interest Determination Date (or, in the case of the first Interest Reset Date, the Initial Base Rate). The Base Rate determined in accordance with this Section 3(e) will be adjusted by the addition or subtraction of the Spread, if any, or by multiplying such Base Rate by the Spread Multiplier, if any.
Appears in 1 contract
Samples: Indenture (Universal Corp /Va/)
Determination of EURIBOR. If the Interest Rate Basis is EURIBOR, the interest rate payable with respect to this Note shall equal EURIBOR determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. EURIBOR for each Interest Reset Date shall will be determined, determined as of the second TARGET Settlement Day (as defined below) prior to the Interest Reset Date (a “EURIBOR Interest Determination Date”). EURIBOR on any each EURIBOR Interest Determination Date shall will be the rate for deposits in euro as sponsored, calculated and published jointly by the European Banking Federation and ACI—The Financial Market Association, or any company established by the joint sponsors for purposes of compiling and publishing those rates, having the Index Maturity as specified on the face hereof, commencing on the applicable Interest Reset Date, that appears on Reuters on page EURIBOR01 EURIBOR#01 (or any other page as may replace such page on such service) (“Reuters Page EURIBOR01EURIBOR#01”) as of 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date; or if no such rate so appears, EURIBOR on such EURIBOR Interest Determination Date shall will be determined in accordance with the provisions described in the paragraphs below. With respect to a EURIBOR Interest Determination Date on which no rate appears on the Reuters Page EURIBOR01 EURIBOR#01 as specified in the paragraph above, the Calculation Agent shall will request the principal Euro-zone office of each of four major reference banks (which may include the Agents or their affiliates) in the Euro-zone interbank market, as selected by the Calculation Agent, to provide the Calculation Agent with its offered quotation for deposits in euro for the period of the Index Maturity specified on the face hereof, commencing on the applicable Interest Reset Date, to prime banks in the Euro-zone interbank market at approximately 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date and in a principal amount not less than the equivalent of US$1,000,000 U.S.$1,000,000 in euros that is representative for a single transaction in euro in such market at such time. If at least two such quotations are so provided, then EURIBOR on such EURIBOR Interest Determination Date shall will be the arithmetic mean of such quotations. If fewer than two such quotations are so provided, then EURIBOR on such EURIBOR Interest Determination Date shall will be the arithmetic mean of the rates quoted at approximately 11:00 A.M., Brussels time, on such EURIBOR Interest Determination Date by four major banks (which may include the Agents or their affiliates) in the Euro-zone selected by the Calculation Agent for loans in euro to leading European banks, having the Index Maturity specified on the face hereof, commencing on that Interest Reset Date and in a principal amount not less than the equivalent of US$1,000,000 U.S.$1,000,000 in euros that is representative for a single transaction in euro in such market at such time. If the banks so selected by the Calculation Agent are not quoting as mentioned in the foregoing paragraph, EURIBOR determined as of such EURIBOR Interest Determination Date shall will be EURIBOR in effect on such EURIBOR Interest Determination Date.
Appears in 1 contract
Samples: Fiscal Agency Agreement (Quebec)
Determination of EURIBOR. If the Interest Rate Basis specified above is EURIBOR, the interest rate payable with respect to this Note shall equal will be EURIBOR determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. EURIBOR for each Interest Reset Date shall be determined, as of the second TARGET Settlement Day (as defined below) prior specified above. “EURIBOR” means, with respect to the Interest Reset Date (a “EURIBOR any Interest Determination Date”). EURIBOR on any EURIBOR Interest Determination Date shall be Rate, the rate for deposits in euro Euros as sponsored, calculated and published jointly by the European Banking Federation and ACI—-The Financial Market Association, or any company established by the joint sponsors for purposes of compiling and publishing those rates, having the Index Maturity as specified on the face hereofabove, commencing on the applicable Interest Reset Date, that appears on Reuters on page EURIBOR01 (or any other page as may replace such that specified page on such service) that service (“Reuters Page EURIBOR01”) as of 11:00 A.M.a.m., Brussels time, on such EURIBOR Interest Determination Date; or if no such rate appears on Reuters Page EURIBOR01, or is not so appearspublished by 11:00 a.m., EURIBOR Brussels time, on such EURIBOR Interest Determination Date shall be determined in accordance with Date, the provisions described in the paragraphs below. With respect to a EURIBOR Interest Determination Date on which no rate appears on the Reuters Page EURIBOR01 as specified in the paragraph above, calculated by the Calculation Agent shall request as the arithmetic mean of at least two quotations obtained by the Calculation Agent after requesting the principal Euro-zone office of each (as defined below) offices of four major reference banks (which may include the Agents or their affiliates) in the Euro-zone interbank market, as market (which may include affiliates of the agents for the sale of the Notes) selected by the Calculation AgentAgent after consultation with the Company, to provide the Calculation Agent with its offered quotation for deposits in euro Euros for the period of the Index Maturity specified on the face hereof, above commencing on the applicable Interest Reset Date, to prime banks in the Euro-zone interbank market at approximately 11:00 A.M.a.m., Brussels time, on such EURIBOR Interest Determination Date and in a principal amount not less than the equivalent of US$United States $1,000,000 in euros Euros that is representative for a single transaction in euro Euros in such market at such time. If at least ; or if fewer than two such quotations are so provided, then EURIBOR the rate on such EURIBOR Interest Determination Date shall will be calculated by the arithmetic mean of such quotations. If fewer than two such quotations are so provided, then EURIBOR on such EURIBOR Interest Determination Date shall Calculation Agent and will be the arithmetic mean of the rates quoted at approximately 11:00 A.M.a.m., Brussels time, on such EURIBOR Interest Determination Date by four major banks (which may include Agents or their affiliates) in the Euro-zone selected by the Calculation Agent after consultation with the Company for loans in euro Euro to leading European banks, having the Index Maturity specified on the face hereofabove, commencing on that the applicable Interest Reset Date and in a principal amount not less than the equivalent of US$United States $1,000,000 in euros Euros that is representative for a single transaction in euro Euros in such market at such time. If ; or if the banks so selected by the Calculation Agent are not quoting as mentioned in the foregoing paragraphabove, EURIBOR determined as of such EURIBOR Interest Determination Date shall be EURIBOR in effect on such EURIBOR the applicable Interest Determination Date.
Appears in 1 contract
Determination of EURIBOR. If the Interest Rate Basis is EURIBOREURIBOR means, the interest rate payable with respect to this Note shall equal EURIBOR determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. EURIBOR for each Interest Reset Date shall be determined, as of the second TARGET Settlement Day (as defined below) prior to the Interest Reset Date (a “EURIBOR any Interest Determination Date”). EURIBOR on any EURIBOR Interest Determination Date shall be , the rate for deposits in euro as sponsored, calculated calculated, and published jointly by the European Banking Federation and ACI—The Financial Market Association, or any company established by the joint sponsors for purposes of compiling and publishing those rates, having the Index Maturity specified in the Pricing Supplement, as specified that rate appears on the face hereofdisplay on Reuters, commencing on the applicable Interest Reset Dateor any successor service, that appears on Reuters on page EURIBOR01 (or any other page as may replace such page on such service) (“Reuters Page EURIBOR01”) ), as of 11:00 A.M., Brussels time, . The following procedures will be followed if XXXXXXX cannot be determined as described above: • If no offered rate appears on such EURIBOR Interest Determination Date; or if no such rate so appears, EURIBOR Reuters Page EURIBOR01 on such EURIBOR an Interest Determination Date shall be determined in accordance at approximately 11:00 A.M., Brussels time, then the Calculation Agent, after consultation with the provisions described in the paragraphs below. With respect to a EURIBOR Interest Determination Date on which no rate appears on the Reuters Page EURIBOR01 as specified in the paragraph aboveIssuer, the Calculation Agent shall request the principal Euro-zone office of each of will select four major reference banks (which may include the Agents or their affiliates) in the Euro-zone interbank market, as selected by the Calculation Agent, market to provide a quotation of the Calculation Agent with its offered quotation for rate at which deposits in euro for the period of having the Index Maturity specified on in the face hereof, commencing on the applicable Interest Reset Date, Pricing Supplement are offered to prime banks in the Euro-zone interbank market at approximately 11:00 A.M.market, Brussels time, on such EURIBOR Interest Determination Date and in a principal amount not less than the equivalent of US$1,000,000 in euros €1,000,000, that is representative for of a single transaction in euro in such that market at such that time. If at least two such quotations are so provided, then EURIBOR on such EURIBOR Interest Determination Date shall XXXXXXX will be the arithmetic mean average of such those quotations. • If fewer than two such quotations are so provided, then EURIBOR on such EURIBOR Interest Determination Date shall be the arithmetic mean Calculation Agent, after consultation with the Issuer, will select four major banks in the Euro-zone interbank market to provide a quotation of the rates quoted rate offered by them, at approximately 11:00 A.M., Brussels time, on such EURIBOR the Interest Determination Date by four major Date, for loans in euro to prime banks (which may include Agents or their affiliates) in the Euro-zone selected by the Calculation Agent interbank market for loans in euro a period of time equivalent to leading European banks, having the Index Maturity specified on in the face hereof, Pricing Supplement commencing on that Interest Reset Date and in a principal amount not less than the equivalent of US$1,000,000 in euros €1,000,000, that is representative for of a single transaction in euro in such that market at such that time. If at least three quotations are provided, XXXXXXX will be the banks so selected by the Calculation Agent average of those quotations. • If three quotations are not quoting as mentioned in the foregoing paragraphprovided, EURIBOR determined as of such EURIBOR XXXXXXX for that Interest Determination Date shall will be equal to EURIBOR in effect on such EURIBOR Interest Determination Datefor the immediately preceding interest period.
Appears in 1 contract
Determination of EURIBOR. If the Interest Rate Basis specified above is EURIBOR, the interest rate payable with respect to this Note shall equal will be EURIBOR determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. EURIBOR for each Interest Reset Date shall be determined, as of the second TARGET Settlement Day (as defined below) prior specified above. “EURIBOR” means, with respect to the Interest Reset Date (a “EURIBOR any Interest Determination Date”). EURIBOR on any EURIBOR Interest Determination Date shall be Rate, the rate for deposits in euro Euros as sponsored, calculated and published jointly by the European Banking Federation and ACI—-The Financial Market Association, or any company established by the joint sponsors for purposes of compiling and publishing those rates, having the Index Maturity as specified on the face hereofabove, commencing on the applicable Interest Reset Date, that appears on Reuters on page EURIBOR01 (or any other page as may replace such page on such service) (“Reuters Page EURIBOR01”) as of 11:00 A.M.a.m., Brussels time, on such EURIBOR Interest Determination Date; or if no such rate appears on Reuters Page EURIBOR01, or is not so appearspublished by 11:00 a.m., EURIBOR Brussels time, on such EURIBOR Interest Determination Date shall be determined in accordance with Date, the provisions described in the paragraphs below. With respect to a EURIBOR Interest Determination Date on which no rate appears on the Reuters Page EURIBOR01 as specified in the paragraph above, calculated by the Calculation Agent shall request as the arithmetic mean of at least two quotations obtained by the Calculation Agent after requesting the principal Euro-zone office of each (as defined below) offices of four major reference banks (which may include the Agents or their affiliates) in the Euro-zone interbank market, as selected by the Calculation Agent, to provide the Calculation Agent with its offered quotation for deposits in euro Euros for the period of the Index Maturity specified on the face hereof, above commencing on the applicable Interest Reset Date, to prime banks in the Euro-zone interbank market at approximately 11:00 A.M.a.m., Brussels time, on such EURIBOR Interest Determination Date and in a principal amount not less than the equivalent of US$United States $1,000,000 in euros Euros that is representative for a single transaction in euro Euros in such market at such time. If at least ; or if fewer than two such quotations are so provided, then EURIBOR the rate on such EURIBOR Interest Determination Date shall will be calculated by the arithmetic mean of such quotations. If fewer than two such quotations are so provided, then EURIBOR on such EURIBOR Interest Determination Date shall Calculation Agent and will be the arithmetic mean of the rates quoted at approximately 11:00 A.M.a.m., Brussels time, on such EURIBOR Interest Determination Date by four major banks (which may include Agents or their affiliates) in the Euro-zone selected by the Calculation Agent for loans in euro Euro to leading European banks, having the Index Maturity specified on the face hereofabove, commencing on that the applicable Interest Reset Date and in a principal amount not less than the equivalent of US$United States $1,000,000 in euros Euros that is representative for a single transaction in euro Euros in such market at such time. If ; or if the banks so selected by the Calculation Agent are not quoting as mentioned in the foregoing paragraphabove, EURIBOR determined as of such EURIBOR Interest Determination Date shall be EURIBOR in effect on such EURIBOR the applicable Interest Determination Date.
Appears in 1 contract
Samples: Global Security Note (Paccar Inc)
Determination of EURIBOR. If the Interest Rate Basis is EURIBOR, the interest rate payable with respect to this Note shall equal EURIBOR determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. EURIBOR for each Interest Reset Date shall be determinedequal the offered rate, as of the second TARGET Settlement Day (as defined below) prior to the Interest Reset Date (a “"EURIBOR Interest Determination Date”"). EURIBOR , for deposits in euros for the period of the Index Maturity and commencing on any the second TARGET Settlement Day immediately following such EURIBOR Interest Determination Date shall be the rate for deposits in euro as sponsored, calculated and published jointly by the European Banking Federation and ACI—The Financial Market Association, or any company established by the joint sponsors for purposes of compiling and publishing those rates, having the Index Maturity as specified on the face hereof, commencing on the applicable Interest Reset Date, as that rate appears on Reuters on Telerate page EURIBOR01 (or any other page as may replace such page on such service) (“Reuters Page EURIBOR01”) 248 as of 11:00 A.M.a.m., Brussels time, on such EURIBOR Interest Determination Date; or if no such rate so appears, EURIBOR on such EURIBOR Interest Determination Date shall be determined in accordance with the provisions described in the paragraphs below. With respect to a EURIBOR Interest Determination Date on for which no rate appears on the Reuters Page EURIBOR01 as specified in the paragraph aboveTelerate page 248, the Calculation Agent shall request will select the principal Euro-zone Zone (as defined below) office of each of four major reference banks in that market (which may include affiliates of the Agents or their affiliatesAgents) in the Euro-zone interbank market, as selected by the Calculation Agent, and request them to provide the Calculation Agent with its their offered quotation for euro deposits in euro for the period of the such Index Maturity specified on the face hereofMaturity, commencing on the applicable second TARGET Settlement Day immediately following such EURIBOR Interest Reset Determination Date, to prime banks in the Euro-zone interbank Zone inter-bank market at approximately 11:00 A.M.a.m., Brussels time, on such EURIBOR Interest Determination Date and in a principal amount not less than the equivalent of US$1,000,000 in euros that is representative for a single transaction in euro euros in such market at such time. If at least two such quotations are so provided, then EURIBOR on such EURIBOR Interest Determination Date shall be calculated by the Calculation Agent and shall be the arithmetic mean of such quotations. If fewer than two such quotations are so provided, then EURIBOR on such EURIBOR Interest Determination Date shall be calculated by the Calculation Agent and shall be the arithmetic mean of the rates quoted at approximately 11:00 A.M.a.m., Brussels time, on such EURIBOR Interest Determination Date by four three major banks (which may include Agents or their affiliates) in the Euro-zone Zone inter-bank market selected by the Calculation Agent (which may include affiliates of the Agents) for loans in euro euros to leading European banks, having for the period of such Index Maturity specified on the face hereof, commencing on that Interest Reset Date and in a principal amount not less than the equivalent of US$1,000,000 in euros that is representative for a single transaction in euro euros in such market at such time. If the banks so selected by the Calculation Agent are not quoting as mentioned in the foregoing paragraphquoting, EURIBOR determined as of such EURIBOR Interest Determination Date shall be EURIBOR in effect on such EURIBOR Interest Determination Date.
Appears in 1 contract
Determination of EURIBOR. If the Interest Rate Basis is of a Note provides for payment of interest at a rate to be determined by reference to the Euro-zone (as defined below) interbank offered rate (“EURIBOR”), the interest rate payable with respect Interest Determination Date pertaining to this Note shall equal EURIBOR determined as specified herein, plus or minus the Spread, if any, or multiplied by the Spread Multiplier, if any. EURIBOR for each Interest a Reset Date shall for such Note (the “EURIBOR Determination Date”) will be determined, as of the second TARGET Settlement Business Day (as defined below) prior preceding such Reset Date, and such Note shall bear interest in accordance with the following provisions:
(a) With respect to the Interest Reset Date (a “any EURIBOR Interest Determination Date”). , EURIBOR on any EURIBOR Interest Determination Date shall will be the rate for deposits in euro as sponsored, calculated and published jointly by the European Banking Federation and ACI—The Financial Market Association, or any company established by the joint sponsors for purposes of compiling and publishing those rates, Euro having the Index Maturity as specified on designated in the face hereofNote and/or the applicable Pricing Supplement, commencing on the applicable Interest Reset Date, that second TARGET Business Day immediately following such EURIBOR Determination Date which appears on Reuters on page EURIBOR01 the Designated EURIBOR Page (or any other page as may replace such page on such servicedefined below) (“Reuters Page EURIBOR01”) specified in the Note and/or the applicable Pricing Supplement as of 11:00 A.M.a.m., Brussels time, on such that EURIBOR Interest Determination Date; or . Notwithstanding the foregoing, if no such rate so appears, EURIBOR on such in respect of the related EURIBOR Interest Determination Date shall will be determined in accordance with as if the provisions parties had specified the rate described in the paragraphs clause (b) below. ; and
(b) With respect to a any EURIBOR Interest Determination Date on which no rate appears on the Reuters Designated EURIBOR Page EURIBOR01 as specified in the paragraph above, the Calculation Agent shall will request the principal Euro-zone Brussels office of each of four major reference banks (which may include the Agents or their affiliates) in the Euro-zone interbank market, as selected by the Calculation Agent, to provide the Calculation Agent with its offered rate quotation for deposits in euro for the period of Euro having the Index Maturity specified on designated in the face hereofNote and/or the applicable Pricing Supplement, commencing on the applicable Interest Reset Date, second TARGET Business Day immediately following such EURIBOR Determination Date to prime banks in the Euro-zone interbank market at as of approximately 11:00 A.M.a.m., Brussels time, on such EURIBOR Interest Determination Date and in a principal amount not less than the equivalent of US$1,000,000 in euros that is representative for a single transaction in euro Euro in such market at such time. If at least two such quotations are so provided, then EURIBOR determined on such EURIBOR Interest Determination Date shall will be the arithmetic mean (rounded, if necessary, to the nearest 0.01 Euro, with halves being rounded upwards) of such quotations. If fewer than two such quotations are so provided, then EURIBOR determined on such EURIBOR Interest Determination Date shall will be the arithmetic mean (rounded, if necessary, to the nearest 0.01 Euro, with halves being rounded upwards) of the rates quoted at as of approximately 11:00 A.M., a.m. (or such other time specified in the applicable Pricing Supplement) Brussels time, for Euro on such EURIBOR Interest Determination Date by four major leading banks (which may include Agents or their affiliates) in the Euro-zone Brussels, selected by the Calculation Agent Agent, for loans in euro Euro to leading European banks, having the Index Maturity specified on designated in the face hereof, commencing on that Interest Reset Date Note and/or the applicable Pricing Supplement and in a principal amount not less than the equivalent of US$1,000,000 in euros that is representative for a single transaction in euro Euro in such market at such time. If ; provided, however, that if the banks so selected by the Calculation Agent are not quoting as mentioned in the foregoing paragraphthis sentence, EURIBOR determined as of on such EURIBOR Interest Determination Date shall be will remain EURIBOR then in effect on such EURIBOR Interest Determination Date.
Appears in 1 contract
Samples: Fiscal Agency Agreement